JP Morgan Chase - The Bank Finally Comes Good

JP Morgan Chase seems to be well on the way to recovery. For many staff, however, this recovery has come just too late.

Third-quarter profits were a healthy $1.63bn, compared to a $40bn loss in the same period last year. Revenues rose 47% to $7.53bn. William Harrison, the bank Chairman and CEO who many felt wouldn't be around to bask in the glory of recovery, said: 'Our results for the quarter and the first nine months of 2003 show the substantial progress we have made this year'.

Things have been on the up over at the investment bank, too. The division posted a profit of $922m, compared to the $255m loss seen in the third quarter last year. Revenue overall rose 29%. Capital markets and lending revenue, trading income and investment banking fees all grew in the period.